Tag: CBN cash withdrawal policy

CBN announces new weekly  cash withdrawal limits

Aminu Imam
CBN on cash limits

The Central Bank of Nigeria, (CBN), has released fresh cash withdrawal rules that will take effect in January 2026. The apex bank scrapped restrictions on cash deposits and raised the weekly cash withdrawal limit for individuals to ₦500,000, up from ₦100,000, in a major overhaul of the country’s cash-related policies. The move ends the special approval that once allowed individuals to take out ₦5 million and companies ₦10 million once every month. Announced in a circular, titled: “Revised Cash-Related Policies”, signed by the Director of Financial Policy & Regulation, Dr.…

Read More

Cashless Nigeria: Supreme court to deliver verdict on naira redesign policy after presidential election

Aminu Imam

The Supreme Court says it will deliver judgment in the suit challenging the naira redesign policy of the Central Bank of Nigeria (CBN), on March 3. The seven-member panel of the apex court communicated the decision, yesterday. The governors of the All Progressives Congress (APC) had argued that the policy was aimed at making the ruling party unpopular ahead of the elections. In light of the adjournment of the Supreme Court, the judgment can only be delivered after the presidential election billed for Saturday, February 25. Recall that the suit…

Read More

FG Cashless Policy: Coalition urges President Muhammadu Buhari to declare ‘state of emergency’ in Kaduna

Aminu Imam

The Arewa Democratic Movement, (ADM), has called on President Muhammadu Buhari to declare emergency rule in Kaduna State to forestall a breakdown of law and order. The coordinator of the group, Comrade Ali Musa Nasir, stated this in an issued statement at the weekend in Kaduna, in the wake of comments credited to the State governor urging residents to ignore President Muhammadu Buharis ban on the use of old N1,000 and N500 notes across the country. The governor had recently directed residents of the State to collect the old notes…

Read More

New Naira: “CBN’s sheer madness is reason why Supreme Court stopped its deadline directive” – APC PCC

Aminu Imam

The Director of Media and Publicity for All Progressives Congress (APC) presidential campaign Council, Bayo Onanuga, yesterday, said the failure on part of the Central Bank of Nigeria, (CBN)s Governor, Godwin Emefiele, to think through the effect of the old naira withdrawal timeframe led to Supreme Court verdict. This coming hours after the Supreme Court temporarily halted the move by the Federal Government through the CBN to ban the use of the old naira notes from February 10, 2023. Recall that a seven-member panel led by Justice John Okoro, had…

Read More

Naira Swap: “Why we stopped FG from enforcing deadline” Supreme Court

Aminu Imam

The Supreme Court has said its decision to issue an interim injunction restraining the Federal Government and others from enforcing the February 10 deadline for the use of old naira notes was because the issue was of real urgency. Recall that the apex court, in a unanimous ruling on Monday by a seven-member panel, led by Justice John Okoro, held that the ex-parte application filed by three States Kaduna, Kogi and Zamfara raised an issue of real urgency, requiring the intervention of the court. Justice Okoro said, in…

Read More

Cashless Policy: ‘Naira scarcity affecting military operations in N’East’ – Ndume cries out

Aminu Imam

The scarcity of naira notes resulting from the Central Bank of Nigerias currency redesign policy is affecting the militarys counter-insurgency operations in the countrys volatile north-east states, Chairman, Senate Committee on Army, Senator Ali Ndume has said. Ndume, who represents Borno-South in the Senate, told newsmen in Maiduguri, Bornos capital yesterday, said that he decided to cry out because he was worried at the negative impact of the scarcity of naira notes on troops operation against terror groups Boko Haram and Islamic State in West Africa Province (ISWAP). According…

Read More

CBN Deadline Extension: Crowds besiege banks amid scarcity as traders reject old Naira notes

Aminu Imam

Despite the ten days extension given by the Central Bank of Nigeria (CBN), on the exchange of old naira notes for the new designs of the currency, there were large crowds and long queues at cash points and banking halls in major cities across Nigeria earlier in the week. A visit by newsmen to banks and various Automated Teller Machines (ATM) points on Monday and Tuesday revealed that Nigerians continue to lament the scarcity of the new notes amid poor banking operations. While the scarcity of the new notes worsened…

Read More